C I Secure I https://digital 6909 INQUIZITIVE sjca Chapter 3: The Market at Work

Question

C I Secure I https://digital 6909 INQUIZITIVE sjca Chapter 3: The Market at Work: Supply and Demand Pagels) 94-95 34. How do supply and demand interact to create equilbium? Fill in the blanks to complete the statement describing market equilibrium. Drog word(s) below to fill in the blank(s) in the passage. The market-clearing price for cantaloupes is the price at which the quantity supplied equals the If the market price is too high, then there is a . If the market price is too low, then there is a shortage surplus demand quantity demandedt

Explanation / Answer

The market-clearing price for cantaloupes is the price at which the quantity supplied equals the Quantity Demanded. If the market price is too high, then there is a Surplus. If the market price is too low, then there is a Shortage.

Surplus: - Quantity supplied will be higher than quantity demanded

Shortage:- Quantity demanded will be higher than quantity supplied

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